ITD Cementation India, Reliance Power, Zee Media Corporation, Shakti Pumps (India), Panacea Biotec and Radhika Jeweltech hit the upper circuit today

Domestic equity bourses, NIFTY50 and SENSEX, are trading in the red declining by 1.12% and 1.13%, respectively. The Nifty Midcap 100 index and Nifty Smallcap 100 index were trading negatively, down by 0.90% and 1.02% respectively.

On the NSE, 97 stocks hit the upper price band (Upper Circuit), and 57 stocks hit the lower price band (Lower Circuit).

Here is the list of stocks (market cap above ₹1,000 crore) locked in upper circuits in today’s trading session.

Stocks hitting the upper circuit on Thursday (October 03, 2024)

ITD Cementation India Ltd

As of June 2024 company order book stands at ₹18,536 crore. ITD Cementation India is one of the leading engineering and construction companies undertaking heavy civil, infrastructure and EPC business and operating in India. The company has a market capitalisation of ₹11,000 crore and over the past one year company shares have surged by 186%.

Reliance Power Ltd

Yesterday, the company reported that it would jointly develop solar and hydropower projects in Bhutan along with the government's investment arm. The company along with its subsidiary will develop 500 megawatts of solar power projects which will be executed over the next two years in two phases of 250 MW each and 770 megawatts Chamkharchhu-1 hydro project with Bhutan's Druk Holding and Investments. Additionally today the company is set to hold a board meeting to decide to mull raising funds from domestic and/or global markets.

Reliance Power has been established to develop, construct and operate power projects in India and internationally. The company has a market capitalisation of ₹21,500 crore and over the past one year, the shares have surged by 179%.

Zee Media Corporation Ltd

It soared after the company informed about the fundraising plan as the Zee Media board approved the issue of up to 13.33 crore warrants worth ₹200 crore. These warrants allow investors to convert them into equity shares within 18 months. Additionally, the company reported that the Board of Directors of the company have approved the convening of the Extra-Ordinary General Meeting on Thursday, October 22, 2024.

Incorporated in 1999, ZEE Media Corporation is in the news publishing and broadcasting business. It is one of the largest and most prominent news networks in India. It has a distinctive collection of 19 TV news channels, including 3 digital-only channels, multiple digital brands and 1 global, 4 national, and 11 regional language networks. The company has a market capitalisation of ₹1,650 crore.

Shakti Pumps (India) Ltd

The company reported strong financials for Q1FY25 with a 402% growth in net sales from ₹113.08 crore to ₹567.56 crore. The net profit increased by 9,166% from ₹1 crore to ₹92.66 crore. As of June 30, 2024, the company's order book stands at ₹2,000 crore.

Shakti Pumps (India) Ltd is primarily engaged in manufacturing pumps and motors of various kinds. It also offers advanced water pumping solutions for a wide range of applications, such as irrigation, horticulture, domestic water supply, and commercial and industrial applications. Over the past year, the company's shares have zoomed by 440%. It has a market capitalisation of ₹9,500 crore.

Panacea Biotec Ltd

Over the past three months, the company's shares have surged by 145%. Currently, India lacks an antiviral treatment or licensed vaccine for dengue. Panacea Biotec is working on a dengue vaccine, which has been in development since 2006. In March 2022, the company partnered with the Indian Council of Medical Research (ICMR) for this project. On August 14, Panacea Biotec commenced Phase-3 trials for its Tetravalent Dengue Vaccine, DengiALL, in India. Approved by the Drug Controller General of India (DCGI), these trials involve 10,335 participants across 19 sites and represent the first Phase-3 clinical trial for a dengue vaccine in India.

Additionally, the company recently announced the settlement of a legal dispute with Sanofi Healthcare India Private Limited (Sanofi). On May 17, 2021, Panacea Biotec filed a lawsuit in the Delhi High Court to prevent Sanofi from marketing a fully liquid hexavalent vaccine that would infringe on Panacea’s patent for its wP-IPV based fully liquid hexavalent vaccine, EasySix. Under the settlement, Sanofi has agreed not to launch its fully liquid hexavalent vaccine Shan6 in India commercially and will withdraw its opposition to Panacea Biotec’s Patent IN 272351 on the hexavalent vaccine before the Indian Patent Office. The company also got USD 20 million loan from the US government for hexavalent vaccine capacity expansion.

Radhika Jeweltech Ltd

Jewellery stocks are rising as a surge in demand and strong market sentiment have pushed these stocks to outperform expectations. According to industry experts, the surge in jewellery demand in India is driven by increasing disposable incomes, a growing preference for regular wear jewellery beyond traditional wedding pieces, investment pieces, diversified product offerings (like new designs and diamonds), greater trust through hallmarking, and enhanced shopping experience at organised retail stores. The recent Union Budget cuts in customs duties on gold and silver also sparked a rally in gold stocks.